Brit becomes lead partner for Ambridge Partners
Brit, the global specialty insurer, will act as lead partner for Ambridge Partners as it increases capacity to $175 million in its transactional liability facility.
The increased capacity follows Brit’s initial investment in Ambridge in September 2015. The company said the deal provides it with attractive exposure to a fast-growing managing general underwriter (MGU) in the US, continuing Brit’s expansion into niche specialty businesses.
Ambridge specialises in transactional liability insurance products with a team of 30 employees based in offices in New York and London. The increased capacity for Ambridge will be provided by a group of Lloyd’s syndicates, with Brit acting as lead partner.
“We are delighted to build on last year’s investment in Ambridge by leading on this capacity increase,” said Matthew Wilson, Brit Group deputy chief executive officer (CEO) and Brit Global Specialty CEO.
“Ambridge is an important partner for Brit and we are pleased to support the team as they look to further expand and grow Ambridge’s offering and platform.”
Jesseman Pryor and Jeffrey Cowhey, co-founders of Ambridge, added: “This increased capacity will enable Ambridge to further cement its position as a leading MGU in the transactional liability space.
“Securing Brit’s support as lead partner so soon after its strategic investment in us is a clear indication of our strong relationship and the benefits this brings for both parties.”
